Of course the most ideal way to come up with a down payment is to save for one. Sometimes though, life doesn’t allow that and circumstances may rush you into the need or desire into purchasing a home quickly. A down payment is often a large reason for people to end up not buying a home, especially for millennials or younger first-time home buyers.

Don’t let the shortness of immediate funds keep you from the house of your dreams, or even just a house for that matter. It is important to remember however, these tips are merely just short suggestions and you must be willing to research and fully understand the pros and cons of each scenario. It may seem really easy and insignificant on paper, but you surely don’t want to put yourself in a bind later.

1. Dip into your 401(k). See, this is what we mean by doing more research. You may have just went, “Oh no way!” But first, know that most 401(k) plans do allow you to borrow up to 50% of the balance (up to $50,00) Downfall? The money you withdraw could incur a 10% penalty. If the amount you withdraw is large enough it may even bump you up into the next tax bracket because it counts as gross income, so be sure to always look into the details before dipping in! Curious to see what it all looks like? Check out the Wells Fargo calculator to see what your penalties will be. Remember, too, the money often has to be repaid and often times comes with a time crunch.

2. Try your IRA, instead. Reaching into your IRA usually has the same 10% penalty as your 401(k), but the difference is that it doesn’t apply for first-time home buyers (score!). Also, you don’t have to repay what you take out of the IRA, but that means you aren’t repaying yourself and that can hurt you in the long run when it comes to retirement. So, again be sure to look into the small details and make the best decision for yourself.

3. Hit up your boss. That sounds weird, right? We don’t suggest walking up to your boss and asking for more money, but instead ask if the company has an employer-assisted housing program. Many companies actually do offer it because what better way of reducing employee turnover than providing funds for employees to stay put? Doesn’t hurt to at least ask.

4. Look elsewhere for assistance. Let’s say your company is too small to offer employee-assisted housing programs; many counties and cities offer them, too. Local assistance programs from the state, city or nonprofits will partner with banks to provide small loans with really low to zero interest when paying the money back. The downside to these programs, though is that you have to apply and be accepted. Some have income caps and other regulations that may disqualify you. Larimer County and the City of Fort Collins both offer down payment assistance.

Don’t let a down payment keep you from purchasing a home. There are multiple ways for obtaining the 1 or 3% (or more) necessary to put down on a house. If you are considering buying a house and are still unsure whether buying or renting is the right choice for you, click here to punch some numbers into Trulia’s Renting vs Buying calculator. You may be surprise what you see!

To read the full article from Realtor.com, click here.